Galaxy Digital Closes $175M Crypto Fund to Back Early-Stage Startups
Galaxy Digital has closed a $175 million venture fund, its first with outside capital, surpassing its $150 million target. This fund aims to invest in early-stage crypto startups focusing on stablecoins, DeFi applications, and practical blockchain use cases. General partner Mike Giampapa noted a shift from speculative blockchain uses to more tangible applications, particularly following the FTX collapse. The fund is primarily backed by Galaxy itself, with additional institutional investors. A first close of $113 million was announced in July 2024, with $50 million already deployed in companies like Monad and Ethena. Founded in 2018 by Mike Novogratz, Galaxy Digital has diversified into asset management, ETFs, mining, and venture investing, reporting $7 billion in assets under management despite a $295 million loss in Q1 2025.
